Is corporate Australia ready for major accounting changes?

ASIC's just-released areas of focus calls on companies to address the impact of major new accounting change. Our research on the financial reports of the ASX 100 suggests that many may still have a lot of work to do to gauge the impact of the new standards on their business.

The key messages from our research are:

It's likely there are still many companies with a lot of work to do to establish the impact of new revenue, leases and financial instruments standards.

Companies should have robust implementation plans in place by now - boards and audit committees have a role to play here in ensuring management teams are on top of what's needed.

Some companies have made great progress and are already communicating this to shareholders/stakeholders in their financial report disclosures.